Three top executives, including President Wang Xiang, are to step down at Xiaomi, as China’s largest smartphone maker battles a hit to sales and profits from the country’s COVID-19 disruption, reports the Financial Times. Lu Weibing, who joined the company three years ago to lead its Redmi sub-brand, will replace Wang as president. Two co-founders, Hong Feng and Wang Chuan, will step down from daily operations, according to a note sent to employees by its chair Lei Jun and viewed by the Financial Times. The move leaves Lei as the only co-founder left standing with an operational role in the company.
“Xiaomi achieved a smooth handover of the baton iteration,” said Lei in the internal letter, adding that the company is “currently facing many difficulties” but will further improve operational efficiency.
The reshuffle came at the end of a bruising year for China’s tech sector, which has been reeling from a regulatory clampdown and the effects of COVID. Xiaomi has reported three consecutive quarters of falling revenues and profits.